Cybersecurity and tech company MGM Wireless (ASX: MWR) is tapping into the rapidly rising aged care tech market by re-purposing their existing SPACETALK mobile smartwatch, which gives children a safe device for online communications.
Originally designed to give parents the ability to track their children and enable calls between them but without access to social media and web browsing, SPACETALK has been pivoted by MGM as a new device called SPACETALK Life, specifically for seniors.
To meet the safety needs of seniors, SPACETALK Life retains GPS functionality but also offers emergency service functionality, medication reminders and bluetooth connectivity to hearing devices and car audio.
Kicking off MGM’s retail distribution, JB-Hi Fi (ASX: JBH) have commenced stocking SPACETALK Life as an existing retailer of the previous iteration and will now offer the seniors range across its 197 Australian stores in time for Christmas trading. The mobile smartwatch can also be purchased on MGM’s website for $549.
“We believe the in-store ranging that JB Hi-Fi brings with our first bricks and mortar distribution will result in a step change improvement in brand awareness and sales,” said MGM Wireless CEO, Mark Fortunatow.
“SPACETALK Life is a first mover in the new and fast-growing category of connected wearables. SPACETALK devices now sell online and in over 900 bricks and mortar retail outlets through Australia, New Zealand and the United Kingdom (“UK”), and on monthly plans with leading mobile network operators – Vodafone in Australia, Sky Mobile in the UK and Spark in New Zealand.”
As part of the smartwatch’s functionality it integrates with MGM’s existing smartphone app AllMyTribe which will enable users to monitor the locations of their children and seniors from a single source.
With Australia’s aging population, the size of the senior market is expected to grow over the next decade where fresh seniors are much more adept to technology than their earlier counterparts.
Attention to aged care tech has increased significantly over the past few months in response to issues that have come to light in response to COVID-19 where aged care facility outbreaks have highlighted the importance of family support and online connectivity in maintaining social connections and safety with older relatives.
For FY20, MGM Wireless reported a 47% increase in total sales revenue of $10.5 million, of which $1.5m was classified as recurring revenue generated by their AllMyTribe app.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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